OSN+ and Anghami Inc. have concluded a merger to establish a leading digital media and entertainment platform, according to a joint statement, where the UAE’s local video content viewing platform will invest up to $50 million in Anghami.
Agreement details
This agreement will allow OSN+ and Anghami to combine and share their existing digital libraries of movies, television shows, songs, and podcasts and make them available to their currently distinct groups of users and subscribers.
The OSN Group plans to invest in Anghami at a valuation of $3.7 per share, which is 3.9 times higher than the stock’s average price for the past month. Anghami intends to maintain the listing of its ordinary shares on the Nasdaq Stock Market following the closing of the transaction, the statement added.
The transaction is expected to close in the first quarter of 2024 after all regulatory approvals are obtained and customary closing conditions are met.
The upcoming platform will combine Anghami’s technology and extensive audio catalog with OSN+’s premium video content, aiming to provide users with a unified digital entertainment solution. Artificial intelligence will be utilized for personalized recommendations based on individual viewing and listening habits.
Anghami’s stocks surged 27.4% to $1.6 per share following the announcement of its landmark agreement with OSN Group.
Big numbers
Upon the closing of the fresh deal, the audio-streaming service will have upwards of 120 million registered users and 2.5 million paying subscribers. Anghami is forecasted to collect over $100 million in revenue following the implementation of its agreement with OSN+, the statement added.
Anghami boasts a collection of over 100 million songs, while OSN+ has secured 18,000+hours of video content through exclusive deals with major studios like HBO, NBC Universal, Paramount, and top Arab and Turkish production houses.
Anghami ended 2022 with 1.5 million paying subscribers and a total unaudited revenue of $48.1 million.
